The largest cryptocurrency exchange in Brazil Foxbit lost bitcoins and stopped working

The largest cryptocurrency exchange in Brazil Foxbit lost bitcoins and stopped working

Foxbit — largest cryptocurrency exchange in Brazil, has been up for more than 72 hours. The reason was a technical error, which allowed users to double-withdraw their bitcoin balances. In total, the company lost 30 bitcoins worth about $ 270,000.

CEO joão Canhada found a bug thanks to live broadcast on YouTube. Realizing what was happening, Foxbit immediately launched the emergency bed service and stopped the withdrawal. According to reports, the bug was used by about 130 people.

According to company executives, the data is now restored, and Foxbit will resume a full operating mode on 14 March. The exchange focuses on the fact that there was no forced entry and all funds are safe:

“All funds are protected, both in reais and in bitcoins. Several customers have returned duplicate orders, and we connected with all the others. There is also a special Fund to cover potential losses. But the platform was not hacked and the funds were not stolen“

CEO Foxbit assured that the money that went missing, has not harmed the exchange, since make up only a small percentage of the 7500 BTC stored on the exchange’s wallet.

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